Nigeria’s Inflation Rises to 17.6% in August

Nigeria’s inflation rises in August to a record high, as the forex scarcity persist amid global oil glut.

The consumer price index which measures inflation increased 17.6 percent year-on-year in August, 0.5 percent higher than 17.1 percent recorded in July, the National Bureau of Statistics (NBS) reported on Friday.

On a monthly basis, the Headline index rose 1.0 percent in August, lower than the 1.3 percent recorded in July. Making it the third consecutive month of a slower pace of increase in the Headline Index.

However, in the last 12 months, the food index climbed 0.6 percent to 16.4 percent in August, from 15.8 percent recorded in July.

While all the major food groups contributed to the increase in the Food sub-index, the pace of increase was weighed upon by Fruits, Potatoes, Yam and other Tubers as well as Oils and Fats.

Core sub-index, all items less farm produce, rose by 17.2 percent year-on-year in August from 16.9 percent recorded in July. The highest increases were seen in vehicles parts, solid fuels and stationaries and clothing. Nigeria’s inflation rises due to the factors mentioned above

Also, imported food prices rose from 20.5 percent in July to 20.7 percent August.